Jefferies Financial Group Upgrades Black Diamond Therapeutics (NASDAQ:BDTX) to Strong-Buy

Key Points

• Jefferies Financial Group upgraded Black Diamond Therapeutics (NASDAQ:BDTX) to a Strong-Buy in a research report issued Thursday.
• Analyst coverage is mixed—one Strong Buy, five Buy, two Hold and one Sell—giving a MarketBeat consensus of Moderate Buy with a consensus price target of $9.83.
• Shares opened at $3.10 with a market cap of $177.6M and a P/E of 8.38; the company reported Q1 EPS of ($0.14) which beat estimates of ($0.18), while analysts forecast full‑year EPS of -0.62.

Black Diamond Therapeutics (NASDAQ:BDTX - Get Free Report) was upgraded by stock analysts at Jefferies Financial Group to a "strong-buy" rating in a research report issued on Thursday,Zacks.com reports.

Several other research analysts have also recently weighed in on the company. Weiss Ratings upgraded Black Diamond Therapeutics from a "sell (d)" rating to a "sell (d+)" rating in a research report on Tuesday. Zacks Research cut shares of Black Diamond Therapeutics from a "strong-buy" rating to a "hold" rating in a research note on Friday, February 6th. Piper Sandler cut their target price on shares of Black Diamond Therapeutics from $9.00 to $8.00 and set an "overweight" rating for the company in a report on Friday, January 16th. Finally, Wedbush boosted their target price on shares of Black Diamond Therapeutics from $13.00 to $14.00 and gave the company an "outperform" rating in a research note on Tuesday, March 17th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Black Diamond Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus price target of $9.83.

Black Diamond Therapeutics Stock Performance

Shares of BDTX opened at $3.10 on Thursday. The business's 50-day moving average is $2.41 and its two-hundred day moving average is $2.92. The company has a market capitalization of $177.60 million, a P/E ratio of 8.38 and a beta of 3.38. Black Diamond Therapeutics has a fifty-two week low of $1.46 and a fifty-two week high of $4.94.

Black Diamond Therapeutics (NASDAQ:BDTX - Get Free Report) last issued its quarterly earnings data on Monday, March 16th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.04. Analysts forecast that Black Diamond Therapeutics will post -0.62 EPS for the current year.

Institutional Investors Weigh In On Black Diamond Therapeutics

A number of institutional investors have recently added to or reduced their stakes in BDTX. Vanguard Group Inc. raised its position in Black Diamond Therapeutics by 4.1% during the third quarter. Vanguard Group Inc. now owns 2,188,857 shares of the company's stock worth $8,296,000 after acquiring an additional 85,825 shares during the period. Renaissance Technologies LLC grew its position in shares of Black Diamond Therapeutics by 58.4% in the fourth quarter. Renaissance Technologies LLC now owns 949,735 shares of the company's stock valued at $2,308,000 after purchasing an additional 350,335 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of Black Diamond Therapeutics by 549.2% during the third quarter. Arrowstreet Capital Limited Partnership now owns 896,853 shares of the company's stock worth $3,399,000 after purchasing an additional 758,709 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Black Diamond Therapeutics by 88.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 857,015 shares of the company's stock worth $2,083,000 after purchasing an additional 401,145 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of Black Diamond Therapeutics during the 2nd quarter worth about $1,830,000. Institutional investors and hedge funds own 95.47% of the company's stock.

Black Diamond Therapeutics Company Profile

Black Diamond Therapeutics, Inc is a precision oncology company focused on the discovery and development of small-molecule therapies that selectively target oncogenic proteins bearing tumor-driving mutations. Leveraging its proprietary Genetic Defined Allosteric (GDA) therapeutic platform, the company aims to identify unique allosteric binding sites in mutant proteins and engineer highly selective inhibitors. Headquartered in Cambridge, Massachusetts, Black Diamond applies structure-based drug design and molecular modeling to advance personalized cancer treatments.

The company's development pipeline includes lead candidate BDTX-189, an allosteric inhibitor of mutant HER2, as well as programs directed at clinically relevant EGFR and KRAS mutations.

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